Puerto Rico in crisis
The US territory of Puerto Rico is currently experiencing its most severe and prolonged economic downturn since the Great Depression (1929–33). Between 2006 and 2016, the island’s economy (measured as Gross National Product in constant 1954 prices) shrank by 15.2%, while total employment fell by 28.6%. The elimination of federal tax exemptions under Section 936 of the Internal Revenue Code in 2006 dealt a serious blow to the island’s manufacturing industry.